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of the appropriations and budget committee. also joined by georgetown university tax law professor john buckley on how the alternative minimum tax is affecting fiscal negotiations. "washington journal" is next. ♪ ♪ host: 25 days to go before the united states faces the fiscal cliff, the white house has rejected a proposal from house republicans to prevent tax hikes and spending cuts at the end of the year. no formal talks between the two sides are scheduled today. will go outside the nation's capital to get your voice involved. republicans -- democrats -- independents -- send us a tweet, post your comments on facebook, or send us an e-mail. we begin with some of the papers across the country today and how this latest proposal from house republicans is playing out in the papers. courtesy of "the atlantic journal-constitution" -- here is "the denver post" -- finally, here is "of the arizona republic" -- here is "the washington post" on what is inside this deal -- we want to get your take on this. what do you think? ted in new york, a democratic caller. what do you think? caller: good morning. i do n
at 8:30, kim dixon on the payroll tax cut. william mcbride and seth hanlon on >> the president's been talking a lot about taxes lately. as a c.p.a. who practiced tax for years as a member of the wames there's no one who likes to talk about tax more than i do. but, let's be honest, talking about taxes is not going to solve the problem that america faces. we have to turn to the spending side of the ledger. and furthermore, his tax proposal will kill about 700,000 jobs and do harm to the economy, again the wrong direction. host: and that was the new g.o.p. conference secretary voicing her thoughts on the fiscal cliff negotiations yesterday. and we want you to address the issue of what the g.o.p. is raising, which is address the spending problem. 202 is the area code for our numbers. that's our question this morning in this first segment of the "washington journal." you can also contact us via social media and email. you can make a comment on our facebook page, and finally send us a tweet. here is the hill newspaper from this morning. g.o.p. forget tax rates in talks on the deficit
face the uncertainty that many will face with regard to their taxes. there is no reason that middle income families should go into this holiday season without knowing whether their taxes will go up next year. last year, democrats and republicans work together to cut nearly $1 trillion of spending. now we need to continue that bi- partisan work to cut more spending, and to if congress fails to reach an agreement under the budget control act of 2011, 1.2 trillion dollars in automatic spending cuts will take lace between 2013 and 2021. republicans and democrats agree that indiscriminate across-the- board cuts is not the right and to do at this time in our nation's history. if we trigger the automatic spending cuts and tax increases , grossed a mustard product will fall by half a percentage point -- gross margin bottom will fall by half a percentage point. we will reverse the hard-fought gains over the past few years. we cannot afford to go backwards. instead we need a balanced and bipartisan approach. one that balances the short and long-term needs, distinguishes between foreign invest
obama. i really liked mitt romney. why do i have to pay less taxes than my friend from massachusetts? that really bugged me. host: that is stephen from connecticut. tyrone is a republican from the bronx. caller: i think hillary clinton would be an excellent candidate in 2016. i think she handled the middle eastern issue to the best of her ability. also, as far as the gop is concerned, i think she has made strides toward eliminating the tax spending through various commitments with private entities and organizations that are coming out of the woodwork. i was watching earlier today and what they were requesting from the white house was let's fix this problem by incorporating a small businesses and less government intervention to curb the deficit. it has been astronomical. then i heard barack obama say the way we are going to do it is by making more cuts in various ways. he was saying by making more cuts and the only people it is going to hurt is the working class and somewhat of the middle-class. he should mention the fact that out of control spending has a lot to do with the credit ca
calls, e-mail, and tweets. after that, a look at the estate tax which is set to go up at the end of the year unless congress and the white house act. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] senior republican aides are contemplating a fallback plan for the so called "fiscal cliff", which includes extending tax cuts for the middle class and resuming a fight over spending and taxes for the wealthy later. meanwhile, going overseas, nato makes a move on the turkish border with syria. military officials deny preparations for military intervention. protesters in egypt march on the palace as mohamed morsi flees. international and domestic news is all on the table for you this morning as we open up the phone lines. also, send us a tweet. or post your comment on facebook. or send us an e-mail. we will get back to that new york times story. first, some other headlines on the domestic front. here is the "washington times." also, sticking with the senate, the baltimore sun reporting this headline -- in politics, here is
revenue. and that's supposed to come from raising taxes on the wealthiest. the president's plan asks for an extension of the payroll tax cut. and an extension of unemployment insurance benefits. it asks for a deferral of those automatic sequester cuts to defense spending and to local -- to domestic spend being. and it also asks, i love this one, a multi-year stimulus package, including $50 billion next year, much of that is going to go to recipients creating an infrastructure bank. the president also wants to refinance under water mortgages. and permanently increase the deposit limit without congressional approval every time. the president in bringing this list forward in his plan to resolve the fiscal cliff is just really going for it in this negotiation. he's aiming for the fences, and he has a mandate folks and he's not afraid to use it. here is representative jim chicago burn elaborate on the ground that theme today. >> us democrats ran with the president on this plan of his and we received democrats almost a million
is a possibility we could come back in january and say we will reinstate those tax rates for everybody except those people making more than $250,000. host: we have about 30 seconds. the likelihood these credits will be reduced. guest: it will be a crapshoot. host: steven sloan from politico. thank you thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] the prayer will be offered by our chaplain, father conroy. cap hehn conroy: let us pray. loving and gracious god, we give you thanks for giving us another day. help us this day to kragh closer to you so that with your spirit and your presence among us we all must face the tasks of this day. bless the members of the people's house. help them to think clearly, speak confidently and act courageously in the belief that all noble service is based upon patience, truth and love. you know well the pressing issues facing our nation. grant our leaders, especially, the wisdom to do what is best and may we all join in the common will for the benefit of all constitu
rate and raises $800 billion in new tax revenue by reforming the tax cut and closing loopholes. the plan rejects specifically raising tax rates, but it is significant that john boehner has gotten his entire leadership team, including congressman eric cantor, kevin mccarthy and even former vice presidential nominee and budget hawk paul ryan to publicly sign their names to a plan that through closing loopholes raises taxes. in an effort to give this offer more bipartisan credibility, speaker boehner said the plan is based on a proposal by former clinton chief of staff erskine bowles. bowles said he was flattered by the use of his name but satsz the proposal, quote -- so far, this greek fiscal drama has yet failed to return. the larger question for america, the play ends in tragedy on december 31st. joining me now from washington, is the president for -- president of americans for tax reform, conservative counter broker and the man who does not believe in unicorns, pink or otherwise, mr. grover norquist. grover, what a day to have you on the show. thanks for joining us. >> absolut
decide what you're going to do now i once those taxes go up. and then when january 2nd come up, you get a committee together, and you solve the problem. i mean, how is that going to affect everyone when it comes to taxes? is it going to be the same, or will it be different? i mean, do we have to do it early? can we do it in january? >> guest: well, i would argue that there are two pieces to the fiscal cliff in that you have to do amt this year, and you -- because unless you really intend people to pay that additional tax. it would be very hard in the middle of the tax filing system to reverse that decision. now, you are, i think, correct in the second piece of the fiscal cliff. that is the tax rates that will apply next year. arguably, you don't have to take action this year, you have the whole of next year during which you can reach resolution to that issue. now, the only reason why i think that's an extraordinarily bad idea is i think it would be viewed quite unfavorably by the financial markets. and so you could see a reaction. and it is really bad tax policy to be legislating in
company in pennsylvania today to call on congress to extend tax cuts for the middle class. president obama playing a little hardball accusing republicans of playing politics at the expense of american families. >> it's not acceptable to me and i don't think it's acceptable to for you republicans to hold tax cuts hostage because they don't want rates on upper folks to go up. >> john boehner scheduled a last minute news conference. fired back with this. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. >> as the rhetoric heats up, the clock continues to tick down. after today, there are just ten legislative days on the calendar. the house announced they will be recessing one day early next would he week. joining me now from the white house, white house correspondent kristen welker. what's the latest from 1600 pennsylvania? >> well, good afternoon, craig. as you can see the holiday decorations are going up here at the white house. but it doesn't seem like anyone is in the holiday
end up in situations where they can't cover their insurance and their taxes and too often we lead to a situation where they have more leverage, more debt, than their home is worth by the time they're ready to sell that home. >> so you're saying because of that change, that's what resulted in the huge $2.9 billion. >> that is for many of these -- for most of the new loans that we're making, they're at this full draw and they -- the actuary predicts they're going to be enormous losses on those going forward because of this full draw feature. >> ok. and also, the last time you testified before the committee, we discussed the national mortgage settlement. can you talk briefly about the m.m.i. fund, how it's benefited from the settlement? >> in the most direct way it's benefited by well over $1 billion that came directly to the fund from that settlement. or that series of settlements. also important, though, is we put in place not just for fmplet h.a. loans but for -- f.h.a. loans but for every kind of loan that were serviced by the banks that were part of it, new standards for how the
for an emergency, just in case. this is not acceptable, to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. right? that doesn't make sense. megyn: but some house republicans are describing the latest offer from the white house as absurd. they say the president ran on a platform to raise rates on top earners. that would amount to about $800 billion in new tax revenue they say he's now asking for double that amount, close to $1.6 trillion in new taxes. republicans also argue he calls for a balanced approach but asking for about four times as much in tax hikes as there are in possible spending cuts, all of which on the spending cut front would come later: possible spending cuts, all of which on the spending confront will come later. he also wants to permanently do away with the congress approves debt limit, effectively giving himself a blank check to add as much the sequence to a national debt that already stands at $16 trillion. moments ago, speaker of the house speaker boehner saying that the democrats plan is not going to fly. >> the
by the associated press shows 48% of those asked support letting tax cuts expire january 1st for those earning more than $250,000 a year, but extending them for everybody else. just 32% say the cuts ought to be extended across the board. joining us now to talk fiscal cliff and ramifications for all of us around here in the d.c. area, virginia congress member gerry connolly, a democrat representing annandale, parts of prince herndon county, fairfax, welcome, sir. we know the arguments by now, very familiar. the president wants to cut off the tax cuts for everybody making over a quarter million. john boehner and the house republicans would rather see deductions and hoop holes closed. why are you? are you with the president wholeheartedly on this? >> well, i certainly agree with the president that we need to let the top tax bracket expire. he ran explicitly on that. there weren't a lot of explicits in this presidential campaign, but that was one of them. i think it ought to be open to negotiation what the income threshold is. the president laid out 250. i think there's maneuverability there. i think t
dollar deficits throughout that time. tax policy hasn't changed during that time. tax policy is exactly the same. you hear in the newspaper all the time, mr. speaker, the bush tax cuts. i don't know that that has meaning anymore. in 2001 and 2003 we did do some dramatic changes to tax policy. president obama extended all of those changes in 2010. that's the law of the land still today. tax policy has been exactly the same over this continuum. what has changed, mr. speaker, what has changed is the spending. the reason deficits have grown not one, not two, not three but almost four times larger than the previous record deficit in american history is not because tax policy has changed, it hasn't. it's because federal spending policy has changed. and that's what we have to get our arms around here in this body. what i show going forward, mr. speaker, put a little square around the annual budget deficits that have been run during the first four years of the obama administration, but i also project what the congressional budget office believes, that's a nonpartisan budget planning group we ha
way. it's the set of automatic spending cuts and tax hikes that can only be averted if our nation's leaders are able to display bear bones competence and middle school-level maturity. so is there a deal? >> there's, of course, no deal. >> of course! is there a prospect for a deal? >> there's not a prospect for a deal. >> of course! but the ongoing talks. >> there aren't even very many talks going on. >> you're killing us! give us something. >> but for the first time, there are numbers on pieces of paper from both sides. >> numbers on paper! >>> good morning. it's wednesday, december 5th. welcome to "morning joe." live in the nation's capital. this is exciting. and you know, i said, let's do a show from washington, d.c., because they get so much stuff done there. it's like silicon valley. and going there when steve jobs was really bringing apple to the forefront -- >> a happening place. >> it is. it's where things happen. that's why we're here, steve rattner. >> washington is the place. with us on set, economic analyst steve rattner. also political editor and white house correspond
business leaders he is cheering for their success. tax hikes for the wealthy saying there will be no deal without tax rate increases. melissa: 11,000 now out of work at citi. slashing jobs taking a billion dollars charge as it repositioned oppositions. charlie gasparino tells us it is even more cuts are on the way. lori: new warnings and ethanol blended gasoline. joining us on whether you should be worried about what you put into your gas tank. let's get up to speed, back the floor of the new york stock exchange and nicole petallides. economic data on the service industry. nicole: looking good, lori and melissa. up 125 points. after two days of selling we are seeing some market action to the upside. we are above the 13,000 mark, well above that. 13,076. the nasdaq squeezing it out. concern for apple, but financials are doing well. let's take a look at the group. laying off 11,000 workers, that is the plan. a new ceo in place and he wants to make his mark. up 6.5%. it is under pressure, nowhere near $700 for the all-time high in september. the latest findings other actually going to use th
%. naomi says over the cliff will hurt and raise taxes but wealthy and corporations will hurt more and g.o.p. will get all of the blame. and one person tweeting on what we said about your conversation with the president last night what did the president say back to you? when you told him to hold the line? >> bill: he just said okay. he didn't say as usual, bill i'll do whatever you tell me to do. >> that's what i was hoping to hear. he didn't say that. >> bill: kevin calling from chicago. good morning. >> caller: good morning, bill. how are you? >> bill: i'm doing good, thank you. what's up? >> caller: bottom line is this. we all know this. social security and medicare self-funded programs, the democrats are the ones that are the protectors of that. republicans know the only way to get it modified or changed is to have a democratic president begin that process. any time they've ever started with any of their clowns, it has been a disasterrer. they have to start the process. number two is they whine and cry
conversations] [laughter] we are talking about what extent a middle-class tax breaks for me to middle-class families. today at 2:00 p.m., people can ask the president questions on twitter with the hash tag my 2k. after that, this come in this afternoon from the president has a bilateral meeting with the prime minister of bulgaria and this is an important relationship with bulgaria. the president will deliver a speech about 4:00 p.m. commemorating the 20th anniversary of the threat reduction program, which as you know, was authored by richard lugar. it has resulted in a regime that allows us to achieve our the president's highest priorities, and that is to secure safety around the world. it is important have to remember that when it comes to these kinds of objectives, democrats and republicans, we can come together and see very important things come and the president looks forward to this. we also want you extend our congratulations to the duke and duchess of cameras that they are expecting their first child. >> i haven't had that conversation with them. in another they feel that havin
in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be raised on the revenue side. let's listen to
taxes from going up. and asking the public for help in getting through to the ones he sees as naughty. the historic vote at the u.n. puts palestinian hopes for statehood back in the headlines. but will it bring their dream any closer to reality? i'll ask the palestinian prime minister. and if pictures don't lie, you may be watching a power ball winner learning the good news. but who is he? wolf blitzer's off. i'm joe johns. you're in "the situation room." >>> republicans and democrats now have just 32 days to make a deal or your taxes are going up and more than $1 trillion automatically will be cut from vital federal programs like defense, education and housing assistance. as referred to as the fiscal cliff. and when it comes to doing something to avoid it, house speaker john boehner bluntly told reporters today, there is a stalemate. for his part, president obama is trying to break that stalemate by asking voters to put more pressure on the republicans. cnn chief white house correspondent jessica yellin and chief political correspondent gloria borger join us right now. gloria, guess
for the lump sum payment so their half of half a billion after taxes works out to be $136 million. million. >>shepard: pretty go. thank you, mike. have a great weekend. now we have a guy who won a jackpot in 2004 taking home $100 million before taxes. he says the family has already made some mistakes. steven, good afternoon. >>guest: good afternoon. >>shepard: what kind mistakes do you make after $100 million? >>guest: the first one is coming out too quickly before your ducks are in order. i am afraid cindy hail came out too early. a lot of things you have to take into account the no one knows what to do when you win. there are a lot of things you have to do looking back on it. >>shepard: theville toos are circling with history as your guide. >>guest: no question. if people are not on their front lawn now they will be shortly and the mail is already posted i guarantee. >>shepard: she wanted to get back did dearborn and get life back to normal. >>guest: that will not happen. that will not happen. >>shepard: i know because i looked at video, there were rough times long the way? >>guest: ther
the right solution for solving our issues of middlele class tax cuts and the fiscal deadline and make sure we move in a very positive direction. with that i yield back my time. the speaker pro tempore: the gentlelady yields back. the gentleman from texas. the gentleman reserves. the gentleman from michigan. mr. conyers: mr. speaker, we have no further speakers. i am prepared to return the balance of our time. the speaker pro tempore: the gentleman. mr. smith: we have no further speakers on this side. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the question is, will the house suspend the rules and pass bill h.r. 6620. so many as are in favor say aye. those opposed, no. in the opinion of the chair, 2/3 of those voting having responded in the affirmative, the rules are suspended, the bill is passed, and without objection the motion to reconsider is laid upon the table. for what purpose does the gentleman from texas seek recognition? mr. smith: mr. speaker, morph that the house suspend the rules and pass h.r. 6602, to make revisions in title 36, uni
the deadlines that we're facing on jobs and taxes and investment. this is not some run of the mill debate. this isn't about which political party can come out on top in negotiations. we've got important decisions to make, and they'll have a real impact on businesses and families all across the country. our ultimate goal, our long-term goal is to get our long-term deficit under control in a way that is balanced and is fair. that would be good for businesses, for our economy, for future generations. i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're iffing to have to raise a little more revenue. we got to cut on the spending we don't need, building on the trillion dollars of spending cuts we've already made, and if we combine those two things, we can create a path where america is paying its bills while still being able to make investments and the things we need to grow like education and infrastructure. so we know how to do that, but in washington nothing is easy, so, you know, there's going to be some prolonged negotia
't agree to tax rate increases. speaker boehner says it is now up to the president to spell out a plan that will pass. the president told business leaders that ending fights over extending the country's debt ceiling have to be a part of this deal. now part of our deal here at 9news is having gary nurenberg follow these fiscal cliff developments. he is here with tonight's wrap- up. >> reporter: an knit tax you are right, the president and the speaker got on the phone but as if to signal the lack of progress the house got out of town. the republican controlled house left town wednesday saying it has nothing to do. >> we need a response from the white house. we can't sit here and negotiate with ourselves. >> reporter: the president's treasury secretary said there's no room for negotiation on its demand for tax rate hikes for top income earners. >> is the administration prepared to go over the fiscal cliff? >> absolutely. there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest members. >> reporter: republicans insist they can get the r
tobacco taxes. cigarette smuggling has dramatically increased in virginia because it is more profitable than drug dealing. >> president obama has declared a major disaster in d.c. after super storm sandy. this opens up federal money to help cover any emergency work and repairs from the powerful storm. the money will be used to invest in measures to protect against future disasters. more funds to open down the road depended on further damage assessment. >> coming up, an attempted steal thousands. police say someone tried to blow up an atm machine. >> starbucks can be expensive and not. we will tell you what the company wants you to spend $400 this holiday season. on one item. >> the showdown over the fiscal cliff. a new poll suggests president obama has the american people's support when it comes to taxing the wealthy. this poll shows nearly half of those surveyed once bush eras tax cuts to expire for those making more than $250,000 a year. the poll was taken last weekend. the questions did lean more to the men -- to the democratic party. eric cantor says republicans want to sit down wit
. basically making the case for his tax cuts but he had a chance to make a toy factory joke as presidents are want to do. he said he's got a naughty and nice list back in washington. he's got certain congressmen in mind to be on that naughty and nice list. but take a listen to what the president said making the case that this is all about tax cuts for the rich and republicans wanting to preserve those. >> what's riding on this debate. this is too important to our economy. it is too important for our families to not get it done. it's not acceptable to me and i don't think it is acceptable to you for just a handful of republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. >> then one of those congressmen who's presumably on the president's naughty list today, speaker john boehner, who came out just a few minutes after the president spoke. he talked here on capitol hill a little bit about the stalemate that he sees these talks being at this point. sort of a glum take here from the speaker of the house. obviously
believe the wealthy should pay more in taxes. that is something the president ran on. and today, he went on the road to push his case. this is all part of a dance that has got to end in serious talks and ultimately some compromise to avoid this moment known as the fiscal cliff. with 32 days to go until the make or break point, it is where we begin tonight with our white house correspondent kristen welker, good evening. >> reporter: good evening, president obama tried to sell his plan in the suburbs of philadelphia today. it is a tactic he thinks has worked in the past, but it did very little to sway the congressional republicans. president obama turning up the heat on republicans. >> hello, hatfield. >> reporter: taking his case for higher taxes on the wealthy to pennsylvania today. >> i don't think it is acceptable to you for just a handful of republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. >> reporter: speaking at a factory, mr. obama argued that if congress can't get a deal, taxes will rise about $2
laughing in the face of the white house plan, saying it's big on taxes, big on cuts. is there any hope now of a deal before these taxes shoot up? >> also this morning, dancing in the west bank? condemnation from israel and the u.s., as the u.n. general assembly now votes to recognize a palestinian state. is this the right tack for peace? >> fortune and glory. one of the winners of the record powerball jackpot is out. and the other may not be a mystery any more. >> hmm. plus battered but not broken. an exclusive look here at lady liberty after superstorm sandy. >> we have a packed show ahead. steny hoyer, harvard economics pro-presser ken rogoff. russell simmons, former presidential candidate jon huntsman and good samaritan larry deprimo. >> gave the boots to the homeless man. we're going to get the whole back story there. it is friday, november 30th. tgif. to you and you as well. "starting point" begins right now. >>> your elected officials trading insults, playing the blame game here as the clock is winding down on the fiscal cliff. keep in mind time is a-wasting. in 32 days now
tax bracket as of yet. there's no mustard on there, is there? i'll see you in a little bit, mr. barnicle. thank you, john. "morning joe" starts right now. >>> i think they won the election. they must have forgotten that republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground, and we need to find it quickly. >> good morning. it's monday, december the 3rd here in new york city. the christmas tree all lit up. with us on set, msnbc contributor mike barnicle, pulitzer prize-winnering historian jon meacham, author of "thomas jefferson." "fortune's" assistant managing editor leigh gallagher and political analyst, former chairman of the rnc, michael steele. and i'm willie geist. joe and mika have the day off today. there's so much to talk about, but we do have to begin with the ties, if we could. it's not just mike. mike's getting all the focus here this morning, and that is inexcusable. >> could i just say, in the words of speaker john boehner, we need to find common grou
with a kitchen table talk with a family. the vifert was meant to highlight the consequences of letting the tax cuts expire on the middle class. >> if this family has a couple thousand dollars throast spend it is what the consumers are going to be spending next year. >> democratic leaders are arguing in favor of a tax rate hike on the very rich. >> the people who are making this money are willing to pay the extra money. the american people believe they should pay the extra money. >> republican leaders labeling the president as a spendinged a dignity. >> it is about spending more than he already has. >> economists say that joint economic committee hearing turge two sides to compromise. >> you have to nail this down. >> one telling lawmakers it will take a combination of higher tax rates, tax reform, and spending cuts to avert the fiscal cliff. >> i think the president's proposal is short. i think to get where we need to get my $3 trillion target we need $1.2 trillion in spending cuts. >> a growing number of house republicans are open the raising tax rids on the wealthy but only if it is part of
tax cuts, in the white house, they called biden the mcconnell whisperer, and the horse whisperer, and the way, one for you, one for me, and that's the way you make a deal. >> this moment, look to you we have a deal by christmas eve, new year's eve or over the cliff? >> who knows. somebody who thinks they know is only guessing. maybe there's a strategy in the white house, you know, by a certain date they'll work it out. >> play book, we always start the morning with the papers. we still love the print papers, assistant of the washington post, which, this morning, says fiscal warning yet to phase wall street. the stock markets are convinced that the fiscal drama is going to work out. the financial times has the opposite headline. they say wall street anxiety grows so which of these is more true? >> you know, -- [laughter] on wall street, they live in a zone of peaceful coexistence of optimism and pessimism. you can talk to somebody in the investment world in wall street, and in the morning, they are optimistic, and in the afternoon, they are pessimistic. i think one, you know, don'
this summer in july, i guess it was july 24, a tax cut for middle-class families, meaning we would continue the tax rates for those families. that kind of certainty is badly needed right now. so one of the best things that could rap right now is the house could vote and the president would sign into law legislation that would provide certainty for middle-class families. 98% of american families, and some 97% of small businesses. so it's time for the house to act. secondly, i think we have to take steps to make sure that we're creating jobs at a faster pace, as i mentioned before. i'm introducing legislation today to help middle-class families and -- middle noik families and to boost hiring. it would expand the payroll tax cut from last year for one year and give employers a tax credit for hiring. and i'll be talking about that legislation. now, the payroll cut that we -- tax cut that we put into place last year had a number of benefits. i won't go through all of those today but the joint economic committee, the committee of which i'm the chairman, just put out a report in the last 24 hours,
, the president today is urging congress to extend middle class tax cuts in his weekly address. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress sends it my way. >> the gop is also out today with new criticism of the president's plan. here's republican senator orrin hatch of utah. >> what he proposed this week was a classic bait and switch on the american people. a tax increase double the size of what he campaigned on. billions of dollars in new stimulus spending. and an unlimited, unchecked authority to borrow from the chinese. maybe i missed it, but i don't recall him asking for any of that during the presidential campaign. >> joining me now, white house reporter for the "washington post" david nakamara and congressional reporter for roll call, meredith shiner. good to see you. david i'll begin with you. with the president's proposal in part i
taking the wheel of talks to avert the january tax hike. that's a senate side of the capitol. here's treasury secretary geithner emerging in to the shadows. there he is right there. about to pay a call on house speaker john boehner. speaker boehner a key republican and after his meeting with geithner this morning, boehner said these urgent talks haven't moved forward in two weeks. keep in mind, they need to get it done by january 1st and here's boehner getting grumpy with cnn's kate baldwin. take a look. >> to this point, most -- most public statements have been optimistic, confident, hopeful. we're all sensing a very different tone from you right now. are you walking away from talks? have things completely broken down, mr. speaker? >> no, no, no. stop. i got to tell you. i'm disappointed in where we are and disappointed in what's happened over the last couple of weeks. but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious, as well. >> all right. so once again, here are the cliff notes ri
and we are hearing the administration released a budget that includes a trillion dollars in tax hikes. peter doocy is live in washington with the latest. >> treasury secretary geithner was tasked with bringing the white house proposal over to capitol hill and republicans are not happy that it includes 1.6 trillion in new taxes. a trillion of that coming from the expiration for bush tax cuts for americans making over $250,000 a year. and a stimulus package worth $50 billion in 2013 alone. and 400 billion in spending cuts and those would come later. that is not enough for the republicans. >> i am disappointed in where we are and whoooose happened over the last couple of weeks. going over the fiscal cliff is serious business. and i am here seriously trying to resolve it and i would hope that the white house would get serious as well. a congressional republican aide said the only changes in the entitlement come from the president's budget that was voted down by the u.s. senate 99-zero and zoro democrats supported it. the white house said it is the republicans and their refusal to ask high
until the deadline which could potentially trigger $7 trillion in automatic spending cuts and tax increases. both republicans and democrats are at a standoff. they are each blaming the other side for holding up the process, but republican congressman terry lee says that by going over the cliff the president may have an ulterior motive. >> many of us fear that the president's real plan here was to let us go over the cliff and blame the republicans, and that's what we look like we're being set up to do, and then if you go over the cliff, then two months later, a month later, the president can come back with a bill and say, hey, we're going to now since the republicans let everyone's taxes go up, i'm going to ride in here now and be the -- the knight in shining armor and lower the taxes on the lower two brackets. >> it is a case that is sparking painful reminders of trayvon martin, another florida teenager shot to death in an incident that has racial overtones. i'm talking about jordan davis, the 17-year-old who will be buried today after a disagreement at a florida gas station ended
on higher taxes. on top earners. a just released poll shows nearly half of those ads say it's time to end tax cuts for the wealthy but keep it in place for americans earning $250,000 or less. 32% say the tax cuts should remain in place for everyone. during a broadcast interview yesterday timothy geithner was asked what if republican don't agree to raising taxes. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, we say there's no prospect for an agreement that doesn't involve those tax rates going up. remember, it's 2%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility that some serious talks could start soon, but now we learn that a lot of members of congress are heading out on a long week
and bring together existing ones. fourth, we are going to cut business taxes go further. let me tell you how. the temporary doubling of the small business rate relief scheme helps the small firms were 350,000 firms paying pay no right at all. the last government, we will end it in 2011, we have already extended its next april. and i extended by a further year to april 2014. we also confirmed the tax relief for our employees and shareholders. the energy bills provide renewable energy and we publish our gas strategy today to make sure that we make the best use of lower-cost gas power, including new sources of gas and went and we consenting the creation of a single office of regulation. we don't want families and businesses to be left behind as gas prices come on the other side of the atlantic. [cheers] we are going to help our construction industry as well. the last government abolished property release. my humble friends, the members of the southwest and others show that this has blighted development in our towns and cities. the proposal for my colleagues, that we create a long grace. for new
day closer today to automatic tax hikes and spending cuts, the so-called "fiscal cliff". the president took to the road, while republicans warned there's a deadlock in efforts to reach a deficit deal. >> now, of course, santa delivers everywhere. i've been keeping my own naughty and nice lists for washington. >> warner: the president chose a seasonal setting, a toy factory in hatfield, pennsylvania, and holiday imagery to press again for extending tax cuts for the middle class. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1. i mean, i... i'm assuming that doesn't sound too good to you. >> no. >> that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> warner: in washington, republicans portrayed the road trip as so much humbug, at a time, they said, when negotiations are going nowhere. >> there's a stalemate. let's not kid ourselves. >> warner: house speaker john boehner said republicans remain willing to raise revenues, but not by raising tax rates. and he charged the white house isn't
-style trip to a toy factory in pennsylvania today, part of his push to sell his plan for higher taxes on the wealthy. good evening. i'm jeffrey brown. >> warner: and i'm margaret warner. on the newshour tonight, we update the searchor deal, even as house speaker john boehner declares the negotiations are "going nowhere." >> brown: then, we turn to another congressional battle. kwame holman reports on sparring in the senate over proposals to change rules blamed for partisan gridlock. >> majority democrats want to put limits on the phil buster, a tactic used to delay legislation but republicans say the tool is key to protecting their minority rights. >> warner: on the eve of world aids day, ray suarez updates the hopes and frustrations in the fight against the deadly disease. >> brown: mark shields and david brooks analyze the weeks news. >> warner: and is the grand canyon 60 million years older than we've long thought? we ask science correspondent miles o'brien. >> brown: that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: >> and by bnsf
and then sexually taxes a female clerk. it happened late -- attacks a female clerk. it happened late last night at the econo lodge in woodbridge. this sounds particularly violent. >> reporter: incredibly brutal because the woman was attacked on the stairwell, knocked unconscious and then sexually assaulted. this woman thought she was just helping a hotel guest, but instead faced a man wielding a knife. >> this is one where it's random and to the point where she's unconscious and the assault occurs. this is probably one of the most severe cases that we've had. >> reporter: police say the 33- year-old motel clerk received a call just after 10:00 last night. the caller said he was locked out of a second floor room and needed to get back in. the woman went out to help. when she got to the stairwell, a masked man with knife came from behind and forced her into the very room she was called to let someone in, a room that was kay vanity. >> she was rendered un-- vacant. >> she was rendered unconscious either from shock or assault and during that we believe she was possibly raped. we're still looking
's guest of lumber liquidators, they're mean-spirited debates, the pledge is not to raise taxes, it's costing this nation a once in a lifetime opportunity to reassert itself as the leader of the free world. and faster growing the repressive communist world to boot. you are in the ability to give us a deal, any deal is crushing our economy. allow me to explain. since i read @jimcramer on tw twitter people say i'm biased. i believe that the compromise that all the common sense people are looking for, some combination of spending cuts, higher taxes and pro-growth initiatives doesn't come into play anymore in washington. too many pledges, too much ideology. i l am part of the 2% that's going to have to pay more. i have the highest effective tax rate possible, 48% for a variety of reasons. but i am willing to pay more because i used to pay more at one time and i'm grateful for what this country has done for me. i know that those of us are lucky enough to have done well in this country have had a really good run and it's time to show gratefulness, even if we think the government may be pr
facility. the president's visit would highlight the impact that the taxes would affect the season. it's all to garner public support and back republicans into a corner as fiscal cliff negotiations continue. tim geithner went up to the hill yesterday and laid out the president's offer. this is what it looks like. the goal is to get to $1.6 trillion in revenue. letting the tax cuts expire for the top 2% and then raise capital gains. that would bring in $196 billion. and then the tax code over overhaul, and extension of unemployment benefits and more stimulus spending. republicans for their part dismiss the offer immediately calling it unbalanced, and unreasonable. so the question is what kind of leverage do republicans have at this point? talking points memo notes that they do have control over whether or not we raise the debt ceiling which is something we have to do in the next few weeks or so. while it does not factor into the mass that is considered right now it does give house speaker john boehner program cuts like entitlement cuts back into the conversation. we're back with the show stay
the president. 1.6 trillion in new taxes. that is the opening part of the deal. 50 billion in new stimulus spending. we already had a lot of backlash in stimulus in previous packages. this is interesting element here. new executive power to raise the debt limit. that is what caused so many of these discussions because they bump up against the debt limit and not be able to go back this. there is executive power plea to be able to do that without going back to confess. republicans are saying where is the balance? where is the spending cut side of the equation. the president said he wanted it to be a balanced deal. watch. melissa: so right now all eyes are on the white house. the country doesn't need a victory lap, it needs leadership. it is time for the president, congressional democrats, to tell the american people what spending cuts they're really willing to make. melissa: republicans have made some nice, positive noises but they haven't put their plan on the table. so we're asking them, you know, what they have got. bill: so that sound you hear, america, is gridlock. mike emanuel is live
, representative tim wall. putting forth the petition for the middle class tax cuts in the house. >> like that. >> stephanie: a little something for everybody this morning. here she is, jacki schechner for everybody. in the current news center. >> good morning, everybody! president obama is meeting with business leaders again today to talk about the consequences of going over the fiscal cliff. he's also claiming to call on congressional leaders to make sure we raise the debt ceiling without contention. the white house making the case that extending the bush tax cuts for the middle class is directly connected to the health of our businesses. companies need to know consumers will be able to spend and in his first post-election interview president obama again rejected the house republican counteroffer that is on the table. >> unfortunately the speaker's proposal right now is still out of balance. we're going to have to see the rates on the top 2% go up and we're not going to be able to get a deal without it. >> let's hope he st
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